The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (28014)	3/13/2005 4:36:17 PM
From: John Vosilla	Read Replies (1) of 306849

If you give your home back to the bank, or they foreclose, when they sell your home for less than the mortgage amount they can seek the deficiency from the defaulting home owner. Now Chapter 7 bankruptcy will not be there to give those home owners an easy out. That could be an interesting twist this next downturn that makes many slaves to their mortgages in bubble markets forever. Can you imagine that working stiff thinking today he has nothing to lose with an $800k mortgage taken out today zero down on the LA ranch still being on the hook for $400K after a 50% plunge in few years? This could have tremendous long term consequences for consumer confidence and spending habits in many coastal bubble markets.

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